Retirement Penalties and Rollover Issues

Description

Early distribution penalties and 60-day rollover failures are prevalent issues that tax preparers must handle despite the size of the firm or the wealth of your clients. There are penalty exceptions and waivers, but some issues have no possible resolution. Note: This class presents an in-depth discussion of issues presented in the instructor's class Retirement Distributions: Planning Options.

Highlights

• History of the 60-day Rule and Recent Developments
• Rulings and self-certification
• Exceptions to the ten percent penalty
• What the IRS knows: Forms 1099R and 5498
• Form 5329 use and strategies

Objectives

• Recognize reasons trusts are named as beneficiaries
• Identify the types of trusts used and their tax characteristics.
• Determine how the probate code affects beneficiary trusts.
• Develop strategies to assist clients dealing with plan custodians.

Designed For

CPAs, tax staff and other tax professionals.